LIVE Coverage of Court Case - Dixie Carter vs Billy Corgan for TNA ownership!

[Dark One]

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Ooooooh shit.

We're coming up on number 10,000. What's it going to be? THERE IS SO MUCH TO CHOOSE FROM.

[Dark One]

It's important to note that the following segment was immediately preceded by Sean Waltman cutting a promo about how "sports entertainment" was shit and he came to TNA for professional wrestling again.

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[Sixx]

When an asshole NFL player won a championship:

<iframe width="560" height="315" src="https://www.youtube.com/embed/2xyzYlT_WSw?rel=0" frameborder="0" allowfullscreen></iframe>

TENAY SELLING THIS LIKE IT IS THE SECOND COMING OF JESUS CHRIST

HE BEAT STING

wow, tna gets the shittiest celebrities

[screech]

Don West going off on Tenay was awesome

[Mercenary]

Don West going off on Tenay was awesome


Heel Don West was great at the Hoootel Bar!

[#1-norm-fan]

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"It's all future from here."

That was deep.

[Big Vic]

wow, tna gets the shittiest celebrities

Lets be fair WWE does too.

[mike adamle]

So it really doesn't look like WWE is buying the tape library right now...

[mike adamle]

"It's all future from here."

That was deep.

Why was there a camera man just hanging out by some wall by one of the turns in a parking garage?

[Dark One]

Why was there a camera man just hanging out by some wall by one of the turns in a parking garage?

Probably blocking executives until they gave him his paycheck.

[Innovator]

Well, this is an interesting one.

Dixie Carter has long been criticized for a perceived lack of knowledge in regards to the wrestling business. On Friday's episode of the Fightful.com Podcast, former TNA writer Vince Russo may have helped lend more credence to those claims.

"This is my favorite wrestling story of all time. I’ve never told this because it’s a little embarrassing to Dixie but it’s so hard not to tell because it’s so funny," Russo said. "There's somebody that I gotta protect and I’m not gonna mention his name, because he'd get all upset. It’s after a TV taping and we’re out getting dinner, and it's the the usual suspects-- Irish Pat Kenney, Terry Taylor, Al Snow, Matt Conway. I’m sitting next to somebody at the table. This somebody gets a phone call and it’s Dixie Carter."

Russo said that the unnamed person walked away from the table to talk to the TNA President and Owner Carter. Russo was then asked to talk to Dixie, and said that while they got along, the last thing he wanted to do after work was talk to his boss. When he gave in, he heard a livid Dixie on the other end.

"I’m doing the gimmick, “I’m not here. Tell her I’m not here.” The last person I want to talk to is Dixie at the end of a day. So, finally he gives me the phone and I’m like “Hey Dixie what’s up?” She is red hot, on fire. I’ve only heard Dixie this mad when she found out about Karen Angle and Jeff Jarrett," said Russo.

As it turned out, the target of Carter's frustration were WWE Hall of Famer Hulk Hogan, and longtime Executive Producer of WCW, Eric Bischoff.

"So I get on the phone," says Russo "Dixie what’s up?” [Dixie says] 'You’re not gonna believe what happened. I just went into the restaurant andHulk and Eric were having dinner and the minute I walked up to the table I heard the both of them say under their breath kayfabe, kayfabe, kayfabe. Vince who the f are they to kayfabe me? This is my f'n company! Who the f do they think they are kayfabing this boss? I can’t believe it. Screw Hulk. Screw Eric. Nobody is going to kayfabe me.'"

According to the former WCW Champion Russo, he told carter that she should have confronted the two about it right away. However, Carter had a potentially embarrassing reason for making the 2010 phone call in the first place.

"Finally I hang up the phone with her. I give the phone back to the person who got the phone call. So I said to the person, 'Bro, why did Dixie call you and not me?' Like this was a phone call that should have went directly to Vince. Why did she call you and not me? Like, what was your conversation with Dixie? Wha—what did she want to talk to you for?” You ready? The guy, who I won’t sell down the river, said to me, “She wanted to know what kayfabe meant.” Eight years in and she was throwing the term around to me like she was a 30 year veteran of the business. Of all the stories bro that’s my favorite story of all time, and I never say it because it’s kind of embarrassing but its funny embarrassing, you know what I’m saying?," said Russo.



Russo is full of it all the time, but I hope this is true.

[Evil Vito]

"According to the former WCW Champion Russo"

[Mr. Nerfect]

Hahahahahaha! Thank you again to this thread.

[Mr. Nerfect]

For those of you wondering how watching TNA in retrospect is any different to watching it when it airs, I point you to exhibits like "The Rocky Horror Picture Show." Something terrible can flop at the time and live on as "I can't believe this happened" greatness. Broken Matt will be much funnier in retrospect as people go "Wow, I can't believe they tried this for as long as they did."

There are also some comparatively good moments in TNA's history that are uplifted by the shit they wade through today. They've never had it completely together, but 2005 featured that Three-Way match -- I don't even need to name the participants. The Knockouts created a legitimate stir among certain circles in whatever year they emerged. That doesn't mean TNA was "always good" after those points and didn't revolt viewers into not watching. People will be watching Hogan 2010 like it was Hogan 1999.

[Mr. Nerfect]

If the library is bought by WWE, I wonder what narrative (if anything) they choose to tell about the downfall of the company. John Gaburick and Dixie Carter probably have something to do with the sale if it goes through, so I don't really see the WWE shaming them. Hogan has become "less dirty" on WWE TV and their working relationship with Eric Bischoff seems to be good. The biggest target left is probably Jeff Jarrett.

[Tom Guycott]

When an asshole NFL player won a championship:

<iframe width="560" height="315" src="https://www.youtube.com/embed/2xyzYlT_WSw?rel=0" frameborder="0" allowfullscreen></iframe>

TENAY SELLING THIS LIKE IT IS THE SECOND COMING OF JESUS CHRIST

HE BEAT STING

wow, tna gets the shittiest celebrities

To be fair to the context, there was that bullshit deal where Pacman couldn't really "do" anything physical according to the NFL, so his time-biding publicity stunt to ride out his on field suspension was kinda shot in the foot.

Not saying he was going to set the world on fire, but extinuating circumstances made Adam Jones' "wrestling career" more of a shitshow than it was already destined to be.

[Destor]

For those of you wondering how watching TNA in retrospect is any different to watching it when it airs, I point you to exhibits like "The Rocky Horror Picture Show." Something terrible can flop at the time and live on as "I can't believe this happened" greatness. Broken Matt will be much funnier in retrospect as people go "Wow, I can't believe they tried this for as long as they did."

There are also some comparatively good moments in TNA's history that are uplifted by the shit they wade through today. They've never had it completely together, but 2005 featured that Three-Way match -- I don't even need to name the participants. The Knockouts created a legitimate stir among certain circles in whatever year they emerged. That doesn't mean TNA was "always good" after those points and didn't revolt viewers into not watching. People will be watching Hogan 2010 like it was Hogan 1999.

Did you just say rocky horror was terrible? Our friendship is on thin ice chief.

[Blonde Moment]

Did you just say rocky horror was terrible? Our friendship is on thin ice chief.

I think that makes anything he posts in the future irrelevant.

[Simple Fan]

Marshe Rockette debuted tonight. Been signed for a long time and finally debuted. Now just need Kaleb Konley to debut.

[Simple Fan]

Got started late on Impact so I'm just going to post in here about it.

[Simple Fan]

Fact of Life with Eli Drake got a new set. Like a real talk show set now. Ilike it, still got the dummy button.

[Droford]

Wonder if WWE will edit out stuff like the Voodoo Kin Mafia

[Simple Fan]

Big fuck up. Was in the middle of a "Wolf Creek"Cage match between Hardy's and Decay and it went to commercial. When it came back Cody Rhodes was entering the Impact Zone. Don't know who won the cage match.

[Simple Fan]

Cody has his list but he just put it away after Brandi whispered something to him.

[Theo Dious]

http://www.kayfabenews.com/wwe-buys-tna-tape-library-discovers-betamax/

[Simple Fan]

Damn it. They didn't scrap the round shit for the Grand Championship.

[Emperor Smeat]

Recent update to WWE buying TNA's tape library and confirming it was Gaburick who was sabotaging things for Corgan.

John Gaburick last week visited with Kevin Dunn, who he has been close friends with for decades, and brought WWE back to the table so there were talks with them as late as this past week. The WWE deal would have been to purchase the TNA tape library as they had no interest in buying anything else the promotion had.

[Simple Fan]

Wow I didn't expect that. Eddie Edwards is now the TNA World Heavyweight Champion. Not sure where they are going as Cody has a title shot and I'm sure Lashley will want his rematch. Good for Eddie I guess, he's the better of the Wolves but not sure if I buy him as TNA World Heavyweight Champion though.Still mad they cut away from the Wolf Creek cage match and didn't show the winner.

[Lock Jaw]

What does that mean..... they were having some sort of match and just cut to commercial or backstage or something and then just never finished the match........

[Simple Fan]

Yeah. It was a Wolf Creek cage match that was promoting a new pop show called Wolf Creek. I guess there is a movie to but never seen it. Anyway the cage had trash cans, chainsaws, grappling hooks, and other things hanging from it. Rosemary got involved and Reby went to get and the screen froze for a couple seconds and went to commercial. When it came back from commercial Cody and Brandi Rhodes are making their entrance. Never even said anything about the cage match.

[Lock Jaw]

lol TNA

[SlickyTrickyDamon]

So all of this was for nothing? TNA lives? Noooooooooooooooooooooooo!

[Mr. Nerfect]

Did you just say rocky horror was terrible? Our friendship is on thin ice chief.

It was terrible at the time of its release. It lives on outside itself as true camp. Just like TNA will once the library is bought from someone. I'm just forcing analogies to try and explain why TNA sucks now, but will be hilarious later.

[Mr. Nerfect]

Please don't let my lack of appreciation for Rocky Horror at the time of its release get in the way of us mocking things like the Wolf Creek Cage Match.

[Blonde Moment]

Please don't let my lack of appreciation for Rocky Horror at the time of its release get in the way of us mocking things like the Wolf Creek Cage Match.

I think it might be a pretty big hurdle

[SlickyTrickyDamon]

Please don't let my lack of appreciation for Rocky Horror at the time of its release get in the way of us mocking things like the Wolf Creek Cage Match.

You were around when Rocky Horror was first released?

[#BROKEN Hasney]

So ignoring Noid being the Mark Madden of TPWW, us MELTZER SHEEP heard Meltzer say what I really hope are actual plans about WWE Network.

Meltz talking about 0$/5$/10$/15$ tiers to the network on WOR.

0 : Five hours on the network archives per month, and unlimited access to the stream, but the stream will go blank whenever live ppv, cruiserweight classic (new weekly show that's planned) or NXT comes on. Butt-ton of commercials.

5 : unlimited archive use, unlimited stream, which goes blank whenever the cruiserweight classic is on. You for some bizarre reason get the big 4 ppv's (bryan noted it would make more sense to get the b-tier ppv's). This would ONLY work on tablets and phones.

....Can't wait for two days later someone to spoof the wwf app on a computer. :/

10 : current network stuff + new cruiserweight classic show + NXT live. The Meltz isn't sure if NXT is going live ever week or if it's a stream of the current tapings.

15 : indy wrestling content. Trying to get TNA obviously, plus talking to sinclair about ROH, as well as Evolve and talking to UK promotions like Progress. Some sort of live chats with wwf wrestlers too, and you get to vote in the Hall of Fame.

[#1-norm-fan]

Just when I think TNA is doing some alright stuff and Billy Corgan might have a mind for wrestling, they put the world title on Eddie Edwards. And apparently do it in the most clusterfuck of fashions. Sigh.

[Destor]

It was terrible at the time of its release. It lives on outside itself as true camp. Just like TNA will once the library is bought from someone. I'm just forcing analogies to try and explain why TNA sucks now, but will be hilarious later.

Please don't let my lack of appreciation for Rocky Horror at the time of its release get in the way of us mocking things like the Wolf Creek Cage Match.

Dont make me turn this into a Rocky Horror appreciation thread, you know i will

[Ruien]

Just when I think TNA is doing some alright stuff and Billy Corgan might have a mind for wrestling, they put the world title on Eddie Edwards. And apparently do it in the most clusterfuck of fashions. Sigh.

I am going with this is Dixie's last real move with the company and she wanted a laugh.

[Mercenary]

Dont make me turn this into a Rocky Horror appreciation thread, you know i will

Great now I wanna see an all wrestler version of Time Warp.

[Simple Fan]

Just when I think TNA is doing some alright stuff and Billy Corgan might have a mind for wrestling, they put the world title on Eddie Edwards. And apparently do it in the most clusterfuck of fashions. Sigh.

I like Eddie I just don't buy him as TNA World Heavyweight Champion. Wasn't a clusterfuck though. He beat Lashley in a one on on match with the Boston Knee Party( running knee to the head) which I thought was dumb. Good for Eddie but Lashley was a legit Heavyweight Champion.

[Damian Rey 2.0]

Was there any build to this? Never a fan of giving away title changes on free tv. But was there at least a rise fit Edwards or was this some random out of nowhere hot shot title swap?

[Damian Rey 2.0]

I will say, seeing Lashley with his headband and walking around like an arrogant shit bag suits him well. Wouldn't mind him getting another shot in wwe to beef up Smackdown.

[Simple Fan]

Was there any build to this? Never a fan of giving away title changes on free tv. But was there at least a rise fit Edwards or was this some random out of nowhere hot shot title swap?

Eddie lost the X Division title to Lashley before Lashley threw it and the King of the Mountain title down. Eddie lost twice in the Impact Grand Championship tournament after losing to Galloway and then replacing Galloway due to injury in the final and losing to Aron Rex. Lashley got to choose who would face him on Impact for the title between EC3, Moose, and Edwards. Chose Eddie because it was the easy win.

[Lock Jaw]

Is Lashley a heel?

[Simple Fan]

Also TNA has to have title changes on free TV as they only do 2PPVs a year now. They do over do it though as every title was defended this week right after a PPV. Have already given Cody Rhodes a title shot, Eli Drake has a title shot from the Bound for Gold match, and I'm sure Lashley will want a rematch.

[Simple Fan]

Is Lashley a heel?

Yes

[Mr. Nerfect]

I think it might be a pretty big hurdle

We will get through it. :kiss:

[Mr. Nerfect]

Is Lashley a heel?

This week.

[Mr. Nerfect]

I've got an odd feeling that Lashley might be done with TNA very soon. Either that or he is already done. He's made it pretty obvious his goal is to get back to WWE and work with Lesnar. Dropping the title to an Eddie Edwards feels, symbolically, like the monster being slain. I guess he can stick around and be embarrassed by the loss and try to get the belt back, but call it a hunch that we'll see him on RAW very soon.

[Simple Fan]

I think you are referring to this that was in response to Jim Ross asking him about the match with the TNA sale rumors were going around.

“You know, I hear that all the time, and J.R., you know as well as I do, it’s not in my hands. If you ask me, I would say absolutely, but it’s the powers that be. I think that there’s enough fans who would love to see it. They’ve been saying it from day one. And you know what the funny thing about it is? I’ve never met Brock in person. Never crossed paths with Brock anywhere. So we don’t even know each other at all, whatsoever.”

I don't think its something he really wants to do bemut would be down if the opportunity presented itself. He also has a Bellator fight coming up in a couple weeks. If he was to go back to WWE his Bellator career would have to take a backseat probably and I don't see him wanting to do that with a possible Heavyweight title shot looming.

[Emperor Smeat]

According to the Observer recently, TNA or whatever it will be called once Corgan takes over might be considering hiring Vince Russo again.

[Damian Rey 2.0]

And Corgin jumps the shark before it even hits the water.

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Scoop #31: Broken Matt presents the most extraordinary event in wrestling history, a whole Impact at the Hardy Compound</p>&mdash; Jacob Cohen (@MrJacobCohen) <a href="https://twitter.com/MrJacobCohen/status/785291464611864577">October 10, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Mr. Nerfect]

I think you are referring to this that was in response to Jim Ross asking him about the match with the TNA sale rumors were going around.



I don't think its something he really wants to do bemut would be down if the opportunity presented itself. He also has a Bellator fight coming up in a couple weeks. If he was to go back to WWE his Bellator career would have to take a backseat probably and I don't see him wanting to do that with a possible Heavyweight title shot looming.

It depends who can offer him more money. He might like to retire undefeated.

[Mr. Nerfect]

According to the Observer recently, TNA or whatever it will be called once Corgan takes over might be considering hiring Vince Russo again.

*manic laughter turning into hysterical crying*

[Mr. Nerfect]

Something regarding titles:

Moose is the new TNA Impact Grand Champion of the World after beating Damien Sandow. Thanks for coming, partner.

[Mercenary]

who the hell is Moose? Does he hail from riverdale?

[Innovator]

According to the Observer recently, TNA or whatever it will be called once Corgan takes over might be considering hiring Vince Russo again.

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[Mr. Nerfect]

who the hell is Moose? Does he hail from riverdale?

Who is Moose?

https://pbs.twimg.com/media/CtzdswAVYAMG6sR.jpg

MOOSE

[Mr. Nerfect]

<iframe width="560" height="315" src="https://www.youtube.com/embed/_naXpmjvpkc" frameborder="0" allowfullscreen></iframe>

MOOSE

[Tom Guycott]

According to the Observer recently, TNA or whatever it will be called once Corgan takes over might be considering hiring Vince Russo again.

And Corgin jumps the shark before it even hits the water.

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

... seriously found this funnier than I should have.

[Mercenary]

<iframe width="560" height="315" src="https://www.youtube.com/embed/_naXpmjvpkc" frameborder="0" allowfullscreen></iframe>

MOOSE


and the crowd goes mild!

[#BROKEN Hasney]

Corgan is apparently suing Dixie.

https://mobile.twitter.com/PWInsidercom/status/786635394213228544?s=09

After months of speculation as to what was going to happen with the company, its ownership and its finances, TNA President Billy Cogan filed a lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN.

PWInsider.com is currently working on acquiring details of the lawsuit.

Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this writing.

Corgan, the frontman for Smashing Pumpkins and a long-time fan of professional wrestling, began investing in TNA this past June, helping to finance the TNA Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth."

In the press release touting Corgan being named President of the company, Carter stated, "Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."

Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. During promotional appearances to push the Bound for Glory PPV, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring.

Corgan had been in negotiations to purchase the company, but had been unable to close a complicated deal that would see Corgan not only buy the company from Dixie Carter, but other minority owners including Aroluxe Productions and The Fight Network.

Corgan made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings, noting on a SiriusXM interview that he had done everything in his power to make sure that Bound for Glory took place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end.

In that interview with "Busted Open", Corgan said that funding the PPV and tapings were part of the negotiations and the question was what are the people funding the show getting for their money? Corgan said that where it got complicated was that it was one thing to fund the company, but it's another to set the company up to be solvent and successful. At the time Corgan said he didn't want to be having the same conversation three months after the PPV because what would be the point. At that time, Cogan also stated that in conversations with TNA talents he had spoken with, they were all on board with him taking over the company and that they were hopeful he would "win" and steer the ship from that point on.

"Enough air has gone out of the balloon," Corgan said last month. "It's time to put air back in the balloon and let this thing be what it can be."

In the end, Bound for Glory and the October TV tapings indeed took place, but questions that were left (which we had been raised here on PWInsider.com) included who funded the tapings and what deal did Dixie Carter make in order for the tapings to take place.

In a locker room meeting with TNA talents on 10/4 in Orlando, Carter told her roster that the PPV was never in danger of not taking place but did admit the company had to do some "scrambling" in order for everything to fall into place. What that "scrambling" was has never been explained or revealed publicly. During PWInsider.com's reporting of the locker room meeting, we noted that Corgan declined to be in the meeting despite being invited to do so.

A number of TNA personalities noted over the course of the BFG PPV and October TV tapings that there was obvious tension between Corgan and Carter and wondered how it might be resolved, especially if Corgan is supposed to be overseeing the day to day business of the company.

What the resolution will be remains to be seen, it appears that it will get uglier before it gets better and that that resolution may very well take place inside a Nashville courtroom

[Big Vic]

After months of speculation as to what was going to happen with the company, its ownership and its finances, TNA President Billy Cogan filed a lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN.

PWInsider.com is currently working on acquiring details of the lawsuit.

Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this writing.

Corgan, the frontman for Smashing Pumpkins and a long-time fan of professional wrestling, began investing in TNA this past June, helping to finance the TNA Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth."

In the press release touting Corgan being named President of the company, Carter stated, "Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."

Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. During promotional appearances to push the Bound for Glory PPV, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring.

Corgan had been in negotiations to purchase the company, but had been unable to close a complicated deal that would see Corgan not only buy the company from Dixie Carter, but other minority owners including Aroluxe Productions and The Fight Network.

Corgan made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings, noting on a SiriusXM interview that he had done everything in his power to make sure that Bound for Glory took place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end.

In that interview with "Busted Open", Corgan said that funding the PPV and tapings were part of the negotiations and the question was what are the people funding the show getting for their money? Corgan said that where it got complicated was that it was one thing to fund the company, but it's another to set the company up to be solvent and successful. At the time Corgan said he didn't want to be having the same conversation three months after the PPV because what would be the point. At that time, Cogan also stated that in conversations with TNA talents he had spoken with, they were all on board with him taking over the company and that they were hopeful he would "win" and steer the ship from that point on.

"Enough air has gone out of the balloon," Corgan said last month. "It's time to put air back in the balloon and let this thing be what it can be."

In the end, Bound for Glory and the October TV tapings indeed took place, but questions that were left (which we had been raised here on PWInsider.com) included who funded the tapings and what deal did Dixie Carter make in order for the tapings to take place.

In a locker room meeting with TNA talents on 10/4 in Orlando, Carter told her roster that the PPV was never in danger of not taking place but did admit the company had to do some "scrambling" in order for everything to fall into place. What that "scrambling" was has never been explained or revealed publicly. During PWInsider.com's reporting of the locker room meeting, we noted that Corgan declined to be in the meeting despite being invited to do so.

A number of TNA personalities noted over the course of the BFG PPV and October TV tapings that there was obvious tension between Corgan and Carter and wondered how it might be resolved, especially if Corgan is supposed to be overseeing the day to day business of the company.

What the resolution will be remains to be seen, it appears that it will get uglier before it gets better and that that resolution may very well take place inside a Nashville courtroom.

[slik]

damn

[The CyNick]

It's very challenging to run a successful and profitable sports entertainment company in 2016. Anyone who does must be really smart and on the ball.

[Dark One]

Me right now:

http://i.imgur.com/CfVg3Em.gif


Later tonight, I'm going to REMEMBER SOME MORE MOTHERFUCKING TNA

[Evil Vito]

Exclusive image from Dixie Carter's office:

http://i.dailymail.co.uk/i/pix/2011/03/28/article-1370720-0B5F660000000578-87_468x348.jpg

[Black Widow]

I've been waiting months for The Walking Dead to return. And all this time and it's been right in front of me.

[Innovator]

Based on the documents, a temporary restraining order was approved and Corgan filed a bond to support it today. A hearing has been set for a temporary injunction on Thursday 10/20 at 11:30 AM.

Court documents reveal that Corgan has also requested a six person jury to decide the case.

As noted, PWInsider.com is working on additional details, but court documents note that filings for the lawsuit have been sealed "until further notice." Requests for comment from Corgan's attorney and TNA PR have not yet been returned.

More as we get it.

[Big Vic]

How come they don't just settle it... IN THE RING!

[Cool King]

Vince:

https://s17.postimg.org/dbdprl33j/17892_autoplay_gif_gif_laughing_smackdown_smil.gif

[Dark One]

How come they don't just settle it... IN THE RING!

Because neither of them is a reality television star or professional athlete from another sport.

[SlickyTrickyDamon]

As George Takei would put it....oh my.

[Big Vic]

Did WWE really pull out entirely?

[Emperor Smeat]

Not surprised since the way things seemed to be implied, Dixie was going to drag out the talks as long as possible and probably just bleed Corgan dry of money before moving onto a new investor or buyer.

Her's and Gaburick's recent rumored antics makes no sense to do if they were actually legit about selling considering TNA was within a couple of days of shutting down.

[BigCrippyZ]

Corgan is suing for breach of fiduciary duty I'd bet.

Dixie and co. all want their personal as well as the company's financial statements to remain private which Corgan is likely asking for in his discovery requests. That's the reason for issuance of the seal re: filings in this case.

[The CyNick]

Vince:

https://s17.postimg.org/dbdprl33j/17892_autoplay_gif_gif_laughing_smackdown_smil.gif

I know this is a joke. But honestly I would bet Vince would prefer TNA stays in business. Well honestly I don't even think he knows what TNA is.

[The CyNick]

Did WWE really pull out entirely?

Let's see if TNA gets pregnant

[SlickyTrickyDamon]

Corgan is suing for breach of fiduciary duty I'd bet.

Dixie and co. all want their personal as well as the company's financial statements to remain private which Corgan is likely asking for in his discovery requests. That's the reason for issuance of the seal re: filings in this case.

Sounds like a certain guy played by Rick Sanchez. He wants discovery!

[Lock Jaw]

Six person jury in the six sides of the jury box

[Emperor Smeat]

Besides the lawsuit, TNA is also facing another big money problem since the roster is owed its bi-monthly checks in around 2 days and nobody even knows if the company has any money left to pay them. Also doesn't help TNA recently did a big batch of tapings meant to last till December.

Being rumored the reason for the restraining order is due to Corgan learning of Dixie trying to go against what was originally agreed between the two and/or her bailing out of this legal mess and quickly sell the company behind his back.

[Emperor Smeat]

TNA's former production company, Audience of One Productions, is also suing the company and Aroulxe LLC.

For TNA, they are claiming TNA owes them money, breached the terms of their deal, and tried to sway AO1's contractors to work for them after TNA cut ties with the company.

For Aroulxe, they are claiming Aroulxe kept sabotaging the talks and deal between the two companies in order to take over as TNA's new production company.

http://www.pwinsider.com/ViewArticle.php?id=105355

[Evil Vito]

I bet this ends in her losing the company, all her money, and then Bret Hart buys her mansion.

[DaveWadding]

Eyyyyy, how do I get rid of the Old Promoter Stink?

[Blonde Moment]

http://www.summerseve.com/assets/products/wash4_large.jpg

[Emperor Smeat]

According to PWI and this week's Observer Newsletter, Dixie tried to sell more of the company without Corgan's knowledge in order to fund next year's tapings and has been pushing for Aroluxe and not Corgan to be the majority owner. Would have jeopardized Corgan's attempt to become the new majority owner had it occurred and maybe even keep Dixie with enough power to stay in the company.

TNA's roster wants Corgan as the boss instead and Dixie gone.

Dave Meltzer has chronicled the subject in exhaustive detail in the Wrestling Observer Newsletter in recent weeks. Meltzer reported in this week’s issue that both Corgan and Aroluxe Marketing were still attempting to buy the company, but Aroluxe was most likely to get it at that point.

Talent is hoping that Corgan gets the company, and are aware of how bad the situation is right now. The blame for the Carter/Corgan talks going south is on Carter with talent feeling that she had been deceptive and that she didn’t address any issues before the PPV. Some even thought that she was “playing dumb” to avoid addressing the situation.

[Dark One]

LET'S FUCKING DO THIS

[Dark One]

<iframe width="560" height="315" src="https://www.youtube.com/embed/7Uyr8wnHpT0?start=460" frameborder="0" allowfullscreen></iframe>

[Dark One]

I already posted this elsewhere, but it deserves to be included in this grand memorial thread I'm building.

<iframe width="560" height="315" src="https://www.youtube.com/embed/GAOPhWzfiN0?rel=0" frameborder="0" allowfullscreen></iframe>

[Dark One]

How about the time they had two human penises managed by a guy named Mortimer Plumtree?

http://67.media.tumblr.com/491b9e901f01dd8be002ffb95b08e8cb/tumblr_my4zarMh0F1sj4xr4o1_500.jpg

[Dark One]

There was apparently a heavy focus on penises.

<iframe width="560" height="315" src="https://www.youtube.com/embed/Cy7R3gSbW8k?start=30" frameborder="0" allowfullscreen></iframe>

[Emperor Smeat]

https://static1.squarespace.com/static/522a2049e4b0a0ce717e990c/t/52a1565fe4b00e295b3acceb/1386305290807/?format=500w

TNA decided to hold a concert during their first ever show. Problem with that idea was someone forgot to test the mics so nobody heard the guitar playing for the first portion of the song. Played more of the song after the mic was fixed only to have Jarrett interrupt saying it sucked.

[Dark One]

How about the time Tom Arnold refereed a midget match?

<iframe width="560" height="315" src="https://www.youtube.com/embed/24fh9uzmyBs?rel=0" frameborder="0" allowfullscreen></iframe>

[SlickyTrickyDamon]

It did. Toby Keith is a sack of shit.

[Dark One]

TNA has a long history of ridiculous matches and championships.

This is an explanation of the rules for a golden spit cup.

<iframe width="560" height="315" src="https://www.youtube.com/embed/IBMyH7JTGLQ?rel=0" frameborder="0" allowfullscreen></iframe>

[Emperor Smeat]

https://static1.squarespace.com/static/522a2049e4b0a0ce717e990c/t/52a6d899e4b01474460a79e8/1386666159878/?format=500w

[Dark One]

This reaction can be applied to a majority of TNA's existence:

<iframe width="560" height="315" src="https://www.youtube.com/embed/vbeLpwdIsck?rel=0" frameborder="0" allowfullscreen></iframe>

[Dark One]

I'm sure the rest of this is a shit show, but here's the best line:

<iframe width="560" height="315" src="https://www.youtube.com/embed/VLrZVs4mmxQ?start=167" frameborder="0" allowfullscreen></iframe>

[Emperor Smeat]

https://static1.squarespace.com/static/522a2049e4b0a0ce717e990c/t/52a77071e4b0077ed5d737c5/1386705049238/?format=500w

[Dark One]

There are no words for this one:

<iframe width="560" height="315" src="https://www.youtube.com/embed/9VCADH-TFN0?rel=0" frameborder="0" allowfullscreen></iframe>

[Dark One]

I am now depressed. That is all the TNA I can handle remembering in one sitting.

Godspeed gentlemen

[Emperor Smeat]

According to SESCoops, TNA could be facing a third lawsuit soon since they also owe money to Fight Network who is a minority owner of the company.

SESCoops managed to find some financial files TNA sent to the state of Tennessee and it revealed Aroluxe very likely is the mysterious investor who funded their recent ppv and tv tapings. Same files also revealed Dixie personally owes Billy Corgan money which might have played another role in Corgan's lawsuit.

www.sescoops.com/exclusive-who-funded-tnas-latest-tapings-dixie-carter-owes-billy-corgan-money/

[Mr. Nerfect]

I had no clue half of that shit happened in TNA. Amazing.

[Outsider]

Surely if it's likely to be subject to this much legal action, no-one (including Corrigan) would want to take it over? Who wants to buy a company which is about to be sued into bankruptcy?

[Innovator]

<iframe width="560" height="315" src="https://www.youtube.com/embed/dWW4J-cmX1w" frameborder="0" allowfullscreen></iframe>

[Evil Vito]

On tonight’s edition on TNA Impact Wrestling, theme music used for Mike Bennett and DJZ were both pulled from the show; both songs were written by Dale Oliver. TNA did not replace either song with different music, but they did crowd noise to cover the music.

According to prowrestling.net, there were rumors earlier today that Pop may not air the show due to music licensing issues. This led to speculation that there were issues regarding music written by Billy Corgan, following reports that Corgan filed a lawsuit against TNA.

The site notes that Corgan’s TNA theme song aired as usual, so there do not appear to be any issues with TNA having rights to music that he has written for or supplied to the company. Oliver wrote both themes, and they are newer songs. It appears that there are now licensing issues with Oliver’s 2016 theme songs. While not confirmed, this could be an issue where Oliver is owed money.

[Evil Vito]

I really don't think anybody is going to miss TNA when it goes tits up.

[Frank Drebin]

I love how convoluted the whole thing is. Everything that can be in dispute seems like it is. Why would anyone want to be involved in this to any degree?

[BigCrippyZ]

I love how convoluted the whole thing is. Everything that can be in dispute seems like it is. Why would anyone want to be involved in this to any degree?

These are all breach of contract suits for unpaid debts owed to TNA.

Really all any interested buyer would have to be willing and able to do is pay off the company's various debts (talent, AO1, Aroluxe, Anthem/Fight Network, looks like Corgan is personally a lender too, etc.) and any applicable interest earned (either at a contractual rate or the statutory 10% or less APR) on the money owed and everything would be fine legally.

In reality, most of these case will most likely settle before trial (either by new owners or the current ownership) or TNA will go bankrupt under the current ownership.

I'd be willing to bet that Corgan agreed to lend TNA money and had Dixie personally guarantee TNA's debt to him in exchange for Corgan having a minorty interest and the right of first refusal to match (or better) any offer to purchase TNA.

Not only that, but Dixie as majority shareholder owes a fiduciary duty to the other shareholders (including Corgan) and TNA's other lenders to sell the company to whoever offers the most to TNA that would allow TNA to pay off the most of their debts.

Dixie and Gaburick's tactics during the earlier rumored sales negotiations potentially breached both Corgan's contract with TNA/Dixie and Dixie's fiduciary duty to everyone who owns or is indebted to TNA.

[Simple Fan]

I really don't think anybody is going to miss TNA when it goes tits up.

I will, watch as much wrestling that airs on TV and if TNA went under there would be no wrestling on Thursday night. Of course they could go under a Corgan take what he wants and starts his own promotion.

[The CyNick]

I'm considering putting in an offer to buy TNA. either that or a new F150.

[Simple Fan]

They're both money pits, good luck.

[Damian Rey 2.0]

Take the truck.

[Emperor Smeat]

According to the Observer, TNA currently owes around $3.4 million in unpaid debts and that's not counting money owed to employees, Corgan, or anyone else not listed below.

Also they have already started to sell their tape library to pay off debts which might be another reason why WWE is no longer interested since they no longer can get it all at once.

The total debt owed by TNA to Aroluxe, Anthem and MCC Acquisitions is listed at $3.4 million. TNA has already sold some of its tape library to Anthem.


Also the state of Tennessee is already threatening to seize TNA property if they continue to fail paying taxes they owe.

The latest is a story by David Bixenspan who found out that the Davidson County Register of Deeds and the State of Tennessee had issued a tax lien against TNA Entertainment, LLC on 9/8. The company owes back taxes in an amount unspecified and got so far behind in paying it that the state has the right to seize company property if the debt isn't repaid. While the company is no longer TNA Entertainment, LLC, now called Impact Ventures LLC, Tennessee law allows the government to go after successor companies.


According to a report from PWI, TNA's wrestlers are rumored to be considering filing a breach of contract against management if they keep being late with payments.

In regard to rumors we have been asked about regarding wrestlers saying they are going to file breach of contract if their pay is late, it's possible that could happen as it was talked about by some at TV last week, but whether anyone actually does remains to be seen. TNA usually pays talents two weeks after they appear on television.


Based on speculation going around the net, Billy Corgan has spent between $2 million to $3 million funding previous TNA tapings prior to this month and his push to become TNA's new owner.

[Dark One]

My current mood:

http://i.imgur.com/suQbnsh.gif

[Frank Drebin]

I'm considering putting in an offer to buy TNA. either that or a new F150.

I would too, but Dixie told me I don't have enough Pepsi Points.

[Emperor Smeat]

Apparently the ratings and viewership for this week's Impact show were both the lowest since the move to POP TV and since TNA was on Fox Sports Net during their early years (2004-2005).

Being rumored the tv deal they have with POP TV might be on a year-to-year basis for the opt-out stuff so POP could potentially kick them out as early as January/February 2017 if they wanted to assuming its true.

[SlickyTrickyDamon]

<iframe frameborder="0" width="480" height="270" src="//www.dailymotion.com/embed/video/x1ry27o" allowfullscreen></iframe><br /><a href="http://www.dailymotion.com/video/x1ry27o_loltna_sport" target="_blank">loltna</a> <i>by <a href="http://www.dailymotion.com/MattOriginal" target="_blank">MattOriginal</a></i>


Yes! Yes! Yes! Yes!

Magnus having Bo Dallas's NXT Heel theme. :y:

[Innovator]

You can at least put the F150 on a depreciation scale

[DrA]

Is Billy Corgan really that rich? I'm sure he's pretty well off, but if I was him I would not be investing that sort of money into something like that.

[Rollermacka]

I really don't think anybody is going to miss TNA when it goes tits up.

I will, watch as much wrestling that airs on TV and if TNA went under there would be no wrestling on Thursday night. Of course they could go under a Corgan take what he wants and starts his own promotion.

I will, I enjoy watching the show every week and have a good amount of friends who work in front of and behind the scenes in TNA. Not to mention, I am in contact with several people in talent relations.... so it's possible the Macka might get a tryout sooner than later ;)

Is Billy Corgan really that rich? I'm sure he's pretty well off, but if I was him I would not be investing that sort of money into something like that.

Supposedly, Billy has a net worth of around 50 million dollars, so he probably has enough money to outright buy TNA. I think these lawsuits are a way for him to get "leverage" to get control of TNA from Dixie. Billy seems to genuinely want to buy TNA and run it.... I guess it's just a matter of time till we see what happens...

[Damian Rey 2.0]

BAH GAWD WHAT'S PAUL TITAN DOING IN THE IMPACT ZONE

[SlickyTrickyDamon]

Paul Titan: I have purchased TNA! Found the loose change in my sofa and I still paid too much.

[Mr. Nerfect]

I just don't understand why you're buy something that has the stigma and debts that TNA has. At this point the product is beyond repair. There is no appreciable fanbase -- everything about TNA's identity has been whored out and chased away. They have Abyss and an X-Division Title belt that just got thrown onto the ground.

Why doesn't Billy Corgan go and start a new promotion? Why doesn't he get together with Toby Keith, Rick Rubin and whoever else wants to sink money in, go to a proper network and make a pitch for a one-hour wrestling show that they can build up?

A few years ago, Corgan was reportedly told by his financial people that getting involved in Major League Wrestling was a bad idea. I don't know where Corgan suddenly got this money he can sink into such a pit, but I feel somewhat sorry for the guy and everybody who is trying really hard to exist there.

[BigCrippyZ]

The only thing I can figure is the amount of time and money it will take to get a new tv deal as a new company is more than what it would take to get TNA's issues resolved.

[Rollermacka]

I just don't understand why you're buy something that has the stigma and debts that TNA has. At this point the product is beyond repair. There is no appreciable fanbase -- everything about TNA's identity has been whored out and chased away. They have Abyss and an X-Division Title belt that just got thrown onto the ground.

Why doesn't Billy Corgan go and start a new promotion? Why doesn't he get together with Toby Keith, Rick Rubin and whoever else wants to sink money in, go to a proper network and make a pitch for a one-hour wrestling show that they can build up?

A few years ago, Corgan was reportedly told by his financial people that getting involved in Major League Wrestling was a bad idea. I don't know where Corgan suddenly got this money he can sink into such a pit, but I feel somewhat sorry for the guy and everybody who is trying really hard to exist there.

TNA is far from "damaged goods". The one thing they have over starting a new promotion is that they have national and international television contracts to air their product. (what GFW doesn't have and hasn't been able to get since 2014)

[Emperor Smeat]

The only thing I can figure is the amount of time and money it will take to get a new tv deal as a new company is more than what it would take to get TNA's issues resolved.

GFW and Lucha Underground are probably the best examples of this.

Jeff Jarrett tried to start a new promotion with GFW but without a tv deal, it could never be bigger or equal to TNA and all his plans quickly fell apart.

Lucha Underground has TNA-like problems with money but because they have a tv deal, it at least gives them a chance at succeeding or finding big investors than if they didn't.

[Ol Dirty Dastard]

Feel like TNA if they are to move forward in any way shape or form needs to change their name. "TNA" is so unbelievably low rent.

[Destor]

GFW and Lucha Underground are probably the best examples of this.

Jeff Jarrett tried to start a new promotion with GFW but without a tv deal, it could never be bigger or equal to TNA and all his plans quickly fell apart.

Lucha Underground has TNA-like problems with money but because they have a tv deal, it at least gives them a chance at succeeding or finding big investors than if they didn't.

GFW is doing fine. He's building it the same way he built TNA. Their product is solid too.

[Damian Rey 2.0]

They have a pre-existing tv deal, a talent base, a place to put on their show, etc.

While there are a ton of negatives at the moment, there's still a base there that can be rebooted and rebranded assuming they can sell pop tv on it.

[Emperor Smeat]

GFW is doing fine. He's building it the same way he built TNA. Their product is solid too.

Good to hear since last time I read about big GFW stuff, it was usually disappointing. Either them still struggling to get a tv deal in the US or getting ridiculed a lot online because of the credit card announcement.

[#BROKEN Hasney]

Good to hear since last time I read about big GFW stuff, it was usually disappointing. Either them still struggling to get a tv deal in the US or getting ridiculed a lot online because of the credit card announcement.

Don't forget GF Gold.

[mike adamle]

Good to hear since last time I read about big GFW stuff, it was usually disappointing. Either them still struggling to get a tv deal in the US or getting ridiculed a lot online because of the credit card announcement.

??

What credit card announcement did I miss?

[Emperor Smeat]

Something called Global Force Gold involving getting a credit or debit-like card in return for giving some money to the company GFW is associated with for this policy.

http://www.cagesideseats.com/2016/4/9/11397466/jeff-jarrett-multi-level-marketing-global-force-wrestling

[Theo Dious]

I've always had a suspicion that part of Jarrett's plans for GFW have involved keeping a close eye on TNA's progress circling the drain, and if not actually buying it, at least kind of stepping into their spot and claiming it's best talent. I seriously wouldn't be too surprised if Corgan eventually won his lawsuits, claimed TNA and rebooted it with a partnership in place with GFW where TNA became the major US anchor of GFW.

[Ruien]

Haha so this thread made me look at the GFC website and what the hell is Jarrett doing selling gold?

[#1-norm-fan]

Global Force is still a thing? It was getting a lot of attention in the sheetz at first but I feel like I haven't heard a word about it in a year or so.

[Emperor Smeat]

According to Jeremy Borash, TNA might end up spending more money to tape an episode of Impact from the Hardy's house than at the regular Impact Zone. All depends on how much they go all out with the set, arena, and other plans for the show.

For some reference, TNA spends somewhere between $500k to $600k for an Impact episode.

On if doing a show at the Hardy compound is a way for TNA to save money:

“I heard something last night from one of the most ‘respected news reporters’ that we’re doing this Hardy show to save money. We’re planning a Hardy special in December. Complete [expletive]. Not even close. The amount of money we’re spending on this show is equal to, if not more, than what it would cost to do an Impact.”

On the look of the show:

“There’s going to be a ring there. We’re setting up his ‘Dome of Deletion’ to fully accommodate the six-sided ring, lighting, fans, everything. It will look like a completely different arena. And then of course the Hardy compound will be the battleground for Apocalypto.”

Also downplayed the company being sued or everything being as dire as the sheets have been reporting recently.

http://411mania.com/wrestling/jeremy-borash-says-wrestlers-will-breach-contracts-to-compete-in-matt-hardys-apocalypto-match/

[SlickyTrickyDamon]

It's like they don't realize people hate Empty Arena Matches, don't care and are going to do a full episode with nothing but.

[#BROKEN Hasney]

It's like they don't realize people hate Empty Arena Matches, don't care and are going to do a full episode with nothing but.

The post above yours does way there's going to be fans.

[Mr. Nerfect]

But it's supposed to be bad, so we should laugh.

[Evil Vito]

I sure will be. This is the first TNA related thing I've actually looked forward to in years.

May as well pull a Costanza and end on a high note.

[#1-norm-fan]

Sometimes I still go back just to watch Matt randomly find a dilapidated boat and exclaim "It's a dilapidated boat!" Ridiculous. lol

[#1-norm-fan]

Ridiculous internet memes and such are about a million times more popular than wrestling now. They did a good job creating that. Sure it makes wrestling look retarded to people who are just tuning in. But so does WWE. At least this example shows self-awareness and is having fun with it. WWE is actually trying to be serious while creating a televised abortion and that's way more embarrassing.

[Evil Vito]

Sometimes I still go back just to watch Matt randomly find a dilapidated boat and exclaim "It's a dilapidated boat!" Ridiculous. lol

Skarsgård :love:

[#BROKEN Hasney]

My favourite is still the river of old gimmicks. Both Jeff Hardy coming out as the Immortal version and Abyss going in and coming out as Joseph Park crack me up.

[BigCrippyZ]

Ridiculous internet memes and such are about a million times more popular than wrestling now. They did a good job creating that. Sure it makes wrestling look retarded to people who are just tuning in. But so does WWE. At least this example shows self-awareness and is having fun with it. WWE is actually trying to be serious while creating a televised abortion and that's way more embarrassing.

:yes:

[Mr. Nerfect]

Ridiculous internet memes and such are about a million times more popular than wrestling now. They did a good job creating that. Sure it makes wrestling look retarded to people who are just tuning in. But so does WWE. At least this example shows self-awareness and is having fun with it. WWE is actually trying to be serious while creating a televised abortion and that's way more embarrassing.

:love:

[Emperor Smeat]

According to the Observer, more news about TNA's financial mess is going to pop up later this week.

On the TNA front, on Thursday the contents of the lawsuit are expected to be released. We pretty much went into the financial mess everything is in. There are people, including Billy Corgan, who want the company but the issue is taking care of the debt which nobody wants to do.

[Mr. Nerfect]

It occurred to me a couple of years ago that the backstage segments that are hangovers from the Attitude era could actually be really off-putting to people with common sense or taste. Why would Triple H and Stephanie McMahon talk about their evil plans in front of a camera that Daniel Bryan can watch later?

We as hardcore fans talk about it and joke about it as one of those wrestling things that either sort of bugs us or we don't notice -- but I often do wonder just how powerful something like that is to potential new fans. If you had never heard of wrestling when it was "cool" or when your older brother liked it, would you, in 2016, switch over and see these soliloquies and think "Oh, this makes no sense...I'm hooked"?

As hardcore fans, we let so much stupid stuff slide because we're so used to it. We love it at our core, so we give it a pass, or very often don't even notice it or question it. Meanwhile, the rest of the world is like "the fuck is this shit?" and turns off and wrestling never gets "cool" again. It doesn't make sense. The old slam against Kevin Dunn and Vince McMahon's approach was that they want to be too much like scripted television, but the thing is, they're not even good at that. There are redundant characters, redundant passages of dialogue, little continuity, and the acting is generally pretty bad. It's bad television. We praise the WWE for its production values, but that is for a wrestling company, and WWE chooses to not be a wrestling company, so it disqualifies itself on that laurel.

Just the other day I heard someone talking about a UFC fighter. I can't remember who it was, but they were talking about how much they hate them. They asked if I wanted to grab a beer to watch the fight. I agreed, even though I don't watch much UFC. I couldn't pass up the opportunity to have a social interaction with someone being WORKED!

"Brock Lesnar is such a dick." Yeah. He makes money by conveying that to you. The fights are real, don't get me wrong, but those personalities (even if they are based in truth) are work, work, working you.

I often think that wrestling must be done because everybody knows it is fake and is still butt-hurt about believing it for a second, even though they don't hate movies for the same reason; but then I see the people that are way into UFC (where the fights are, frankly, and this is just my opinion, routinely boring) and that there are people voting for Trump. They can be so fucking worked.

The WWE can control its own outcomes and hire guys who could, hypothetically, with the right training, work individual and exciting matches that are designed to extract more emotion and tell a more dramatic story than anything the UFC can put together on anything more than smart booking and good faith.

The worst thing about professional wrestling is that with some clever personalities, it could grab the world by the balls. You just need to tap in what people are willing to believe is real for a reasonable amount of time a week with the odd social investment when it comes to your town or there's a PPV on. It just needs to plant those memories in a new generation of fan that is always going to have that nostalgic twinge for that time they liked wrestling. That is what draws people back.

AJ Styles as WWE World Champion is the one thing that I feel properly works in the WWE, because I can completely believe he is the best professional wrestler in the world today. Everyone else has the same matches and the same promos. If they could get The Rock back to work with Styles, I bet you those television ratings will creep up. You know why? Because people can believe in The Rock. And when those ratings creep up, I'd like to hear those people who say "you have to understand that television is dying and the way people consume media is different" respond. Because, yes, there is truth to that, but it doesn't explain the proportional decline of WWE's live weekly viewership. That is a stale product.

[Vastardikai]

On one hand, the production and the booking is bad. I will give you that 100%. I am going to mention a problem that no one wants to bring up, but it's a major one that afflicts every promotion, in my opinion: Marks.

I don't mean the ones in the audience. I don't mean the so called "Smart Marks." That's another rant for another time. I'm talking about the Marks in the ring. Maybe this is a result of watching too many Al Snow shoots (he contradicts himself at times and is good at over exaggerating, but he's a more solid mind than most in this business.).

The In-Ring Action is better than it's ever been? So fucking what? At the end of the day, the casual observer (the person who doesn't watch wrestling) is going to be like "It's all fake, anyway!"

Good matches, in the grand scheme of things, don't mean shit. All you really have to do is not actually maim your opponent and be coordinated enough to look like you belong in the ring, and it will work. There's a reason why Hulk Hogan was a much bigger star than Tito Santana, despite Tito being the MUCH better worker. Do you want to know why Daniel Bryan got over with 100% of the audience? It wasn't just because he was a great wrestler. It was because he was the Underdog Every Man that everyone could relate to. He was the Mighty Ducks. He was the Bad News Bears. He was the Karate Kid. Everyone saw themselves as him and it made them want to see him succeed. If he had figured that out sooner, he would still be a Main Eventer, rather than just an Authority Figure.

I mentioned a few years ago that Rob Conway's run as the "Con Man" was actually a success, despite the silence he came out to and how he more or less went nowhere as a result of it. It was a success because he fucking tried something, which is more than what much of the talent can say for themselves. If you want that much coveted Main Event Spot, get people in the door. I don't mean smart marks. They're gonna get in the door if it was a broom wrestling a bag of shit. I mean the casual observers. They want interesting characters. And that is just as much on the talent themselves as it is on "Creative."

And don't give me shit about Zack Ryder. His biggest success is still having a job. He would have been released years ago if he hadn't come up with his gimmick. If he came up with compelling story lines that worked with his gimmick, maybe he could have maintained his momentum.

But, back to the point at hand: "Creative," as a whole, is lazy as shit. This isn't a new thing, either. They were lazy as shit when the Ringmaster wanted a new gimmick, and the best they could come up with was Chilly McFreeze, Ice Dagger, and Baron Von Ruthless. He had to get divine inspiration from his Second Wife to become one of the biggest names in the business. And he didn't get there by being the best worker in the world, which he was at one point. He got there by being the Average Working Man who people could live vicariously through when he kicked his boss' ass.

So, ultimately, the secret to making Wrestling work for this audience is giving the casual observer something and someone they would want to see. That's why the '80s worked so well. Many of the folks who were over as shit got over as shit because they were doing their own thing and not relying on "Creative." Jake "the Snake" Roberts didn't fight for titles. All of his programs were over something that struck at a personal level. And they drew more often than they didn't.

[Mr. Nerfect]

That's why Rusev is my sleeper pick for WWE's next break-out dude. If they manage to have one. I don't think if it's by design or choice, but he never gives too much away. The dude like never kicks out of anyone's finisher. He's a good athlete and all that, but he wrestles like an Attitude era star.

I think there's money in him somewhere. I think it's as a babyface too, as weird as that sounds. They'd obviously need to move away from the Bulgarian Brute evil foreign shtick, but there's something endearing about that big lug that I hope they can bring out.

It was here somewhere before I brought up all the matches being the same. If we saw Shawn Michaels vs. Undertaker every week, we'd get sick of seeing Shawn Michaels vs. Undertaker. Everybody busts out of everything and there is no real drama in the context of the match. It dawned on me how many times I was seeing it in a row at Clash of Champions and I started laughing to myself. There's no way a casual fan could take this seriously.

And that is why smart marks are a problem. Because we clap like trained seals for that shit that no one really wants to see. The guys in the ring are now the smart fans from the Attitude era, and they're marks for the shit they can do. I'd take a shorter match with a more organic structure than the same "they fight, bad guy falls out, good guy dives, bad guy catches him on something, beats him down, good guy fights back, bad guys hits finishing move, good guy kicks out, every move they know is used and they all kick out until a this is awesome chant starts and then the next move ends it" match we see ALL the fucking time.

[Lock Jaw]

THAT WAS AWESOME

Going to rep you because

YOU DESERVE IT

[Lock Jaw]

Wasn't all that awesome, tbh...... agree with the in ring action not needing to be so "good" all the time......

Got "burnt out" on Lucha Underground matches because it was all "huge move, huge move, oh my gosh he has to be dead, oh no wait kickout at two, huge move, huge move"

[Emperor Smeat]

According to the Observer, TNA is facing a fourth lawsuit with this time involving a travel company.

Another lawsuit for unpaid bills against TNA Entertainment, filed over the summer, was by American Express Travel Related Services Company for unpaid bills.

American Express filed suit in the Supreme Court in the state of New York on July 20th claiming nonpayment of $269,049.50 in travel related expenses. The claim is the company used their American Express Corporate account to charge various items and American Express was not paid.

The claim is that the company agreed to payments on the receipt of monthly billing statements as well as to pay court costs if the case went to court. It claimed the agreement included that the defendants were to pay all reasonable costs when it came to American Express collecting the money owed, including finance charges and delinquency frees.

The lawsuit asked for payment of the $269,049.50 as well all legal costs for having to go to court and rectify the bill.

[Lock Jaw]

https://frinkiac.com/gif/S06E15/580579/584333.gif?b64lines=

[ClockShot]

Who the fuck wants to touch this company?

Corgan should just cut and run while he got the chance. Let it go bankrupt, part it out, done.

[#1-norm-fan]

Yeah, I'm not sure why Corgan wouldn't just try to start his own company from scratch and leave the baggage behind. The TNA brand doesn't exactly have a ton of value. Is the existing TV deal they have really worth this much?

[Mr. Nerfect]

Wrestling's image as long been soured for most networks, but surely Billy Corgan could at least get a sit-down with someone and pitch a new wrestling show. He could probably get a better slot on a better network.

[Emperor Smeat]

Observer speculating TNA might be filing for bankruptcy soon but would probably drag out the official announcement since Dixie wouldn't want to take all the blame for its downfall.

This Thursday might give a big idea of how screwed the company is once Corgan's lawsuit files become public.

[Sepholio]

Ted turner Eric bischoff and hulk hogan should buy tna when it dies and resurrect it as nwa.

[Emperor Smeat]

TNA could be facing a 5th lawsuit depending on what happens with the American Express lawsuit. Apparently when American Express cut off TNA's business credit card with the company, someone from TNA's management had to handle travel costs using their own credit card till TNA got things settled.

Them getting sued by America Express is also because they never bothered to tell AE they changed office locations after getting kicked out so AE kept sending notices and bills to a place that couldn't accept TNA's mail.

As for the American Express lawsuit, multiple sources familiar with the situation have provided additional details as to how TNA has been dealing with that. Apparently, when TNA’s corporate credit card used for travel was cut off, at least one member of TNA management started charging those expenses to a personal card. This is a dangerous precedent to set, to say the least.

http://www.sescoops.com/update-on-american-express-non-payment-lawsuit-and-other-tna-debts/

[Big Vic]

Fuck it at this point I might as well sue TNA.

[Rollermacka]

<iframe width="560" height="315" src="https://www.youtube.com/embed/QNduPg0qfuE" frameborder="0" allowfullscreen></iframe>

Pretty good analysis of what's happening in TNA

[Blonde Moment]

Fuck it at this point I might as well sue TNA.

The action was neither total or Non-stop

[Emperor Smeat]

TNA could be facing multiple breaches of contract filings by wrestlers once the Corgan lawsuit gets unsealed tomorrow. Was already rumored several wrestlers were preparing the paperwork needed but more could possibly join after tomorrow.

Speculated that might have been a big reason why the lawsuit was sealed originally to prevent it from happening.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">If it’s all being unsealed tomorrow, or at least a lot of the filings are, it’s interesting how this revolved around a TNA pay period. <a href="https://t.co/FjmMuewwBN">https://t.co/FjmMuewwBN</a></p>&mdash; David Bixenspan (@davidbix) <a href="https://twitter.com/davidbix/status/788739181493248000">October 19, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Starting to wonder if Billy Corgan asked for his lawsuit to be sealed to avoid wrestlers calling TNA on no-pay breaches &amp; quitting.</p>&mdash; David Bixenspan (@davidbix) <a href="https://twitter.com/davidbix/status/788738828282564609">October 19, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[The CyNick]

Who the fuck wants to touch this company?

Corgan should just cut and run while he got the chance. Let it go bankrupt, part it out, done.

WWE will eventually own the library.

[Destor]

WWE will eventually own the library.If theyve sold portions out already itsvery doutbful they would want it

[Innovator]

They're the only ones who can monetize it properly.

[The CyNick]

If theyve sold portions out already itsvery doutbful they would want it

They'll get it all eventually.

[Big Vic]

Hmm I wonder if I can buy some of the video library.

[#BROKEN Hasney]

TNA hearing is delayed until next week, looks like Fight Network are offering money to pay Corgan back and then run new shows.

TNA will not die.

[Emperor Smeat]

PWInsider has reported that the Billy Corgan lawsuit against TNA will be unsealed on Tuesday, however, they are rewriting the complaint to remove sensitive material Corgan didn't want out (which is why it was sealed in the first place) before the release. However, that means the lawsuit hasn't been dropped even though Fight Network was willing to pay Corgan off his investment money.


According to the Observer, its actually possible to point to the date when everything went downhill for TNA in regards to their current crisis.
Just five years ago, TNA’s total revenue, largely due to Spike, was multiples of New Japan Pro Wrestling.

Since then, each company went in opposite directions. One created stars and put on great shows even with a major television handicap of a horrible time slot. The other squandered talent and did angles that nobody bought, thinking it was the only way, and made no stars. New Japan is now multiple times ahead of TNA, even in the United States where New Japan’s audience, when you factor in the homes available, is roughly identical to that of TNA -- even on a far worse television night and airing matches ten months old.

In fact, TNA was even able to be profitable for a time, although it overextended itself in 2010 when trying to directly challenge WWE, signing Hulk Hogan, Ric Flair, Mick Foley, Eric Bischoff, Kevin Nash, Jeff Hardy, and Rob Van Dam, and moving to Monday nights. The second Monday Night War was hardly like the first one. Instead of a legendary conflict, it was pro wrestling’s equivalent to the 1967 Six Day War, a quick and painful one-sided massacre.

A mistake was made right off the bat as instead of starting one hour earlier in a move that would give TNA the edge, Bischoff made the call to go head-to-head. That may have ended up making no difference in the long run as they did switch time slots weeks later, but that didn’t work out either and they were quickly off Mondays.

The other killer financially was a move that seemingly had to be made: moving out of Orlando and touring arenas for television tapings although they couldn’t make it work fiscally,

TNA is still alive today, although it is in intensive care and the pulse is weakening. The health issues may date back to that period mentioned above, but the critical condition dates back to July 15, 2014."

[The CyNick]

Lol typical BS writing from The Obsever. It boggles my mind that anyone subscribes.

What usually gets lots on the wrestling "journalists" is that it is basically impossible to be successful nationally at sports entertainment if you are not WWE. Same reason that no leagues try to do pro football in the US that are not the NFL. Dave and those guys are still stuck in the territory days when you had multiple companies carving out a territory and having moderate success. WWE is all a fan of sports entertainment needs. There isn't this glut of fans just waiting for an alternative to WWE to show up.

That said, I applaud TNA for at least trying to compete with WWE. Did it work out? No. But not for the reasons Dave listed. You need stars to attract an audience. You can't just rely on indy guys nobody has heard of to carry a company to WWE heights. As for the head to head debate, well it worked for Nitro, so why not try it again? I don't know exactly why TNA has failed because Ive never worked there. But when you hear people talk who were in the upper management it sounds like Dixie was in over her head. She didn't have the drive of a Vince McMahon.

Its been basically 20 years since Eric Bischoff become the only person to have success against Vince. That was on the back of a company that had decades of history and some of the biggest current stars of the era. It's hard to imagine any company would have success against WWE in modern times. The best you can hope for is to maintain a small following and break even.

[Ruien]

Arena football is in the US. Vince attempted to compete with the NFL also.

[RP]

Yo is Hell In the Cell this week?

[Sixx]

next week

[Damian Rey 2.0]

I think you can have two thriving companies in the US. TNA made a fuck ton of mistakes and too many blind risks. They've had a shit ton of talent run thru there. They were just mismanaged.

It doesn't mean they could've reached the heights of WWE. But they could've been a profitable number 2.

[Anybody Thrilla]

Arena football is in the US. Vince attempted to compete with the NFL also.

Who watches arena football, though? Can you tell me any team names or key players?

Whether you can or not, ask that question to one hundred people before asking that same question to the same hundred people about the NFL, and I don't think there's too much more to have to say.

Vince attempted, but that league died after one season.

[Anybody Thrilla]

And Vince tried in the NFL's offseason. He definitely knew better than to try and go head on.

[Destor]

Head to head we unquestionably a mistake. Their numbers fell week to week and rose when they left mondays. Its really simple to track.

[Sixx]

http://cdn0.vox-cdn.com/assets/4415207/xflhateme.jpg

the fuck?

[SlickyTrickyDamon]

And Vince tried in the NFL's offseason. He definitely knew better than to try and go head on.

Yeah but football has an off-season for a reason. Fields are shit in the late Winter/Early spring.

Summer might have been a better starting off point.

[The CyNick]

Arena football is in the US. Vince attempted to compete with the NFL also.

Arena football is a different sport. XFL proves my point, it failed miserably. There's really no sport in North America that has multiple promotions on the same level. Yeah football has the CFL and AFL, but both are different to the NFL. No other baseball, basketball, soccer or hockey leagues exist to go against MLB, NBA, MLS, NHL respectively.

[Ol Dirty Dastard]

Yeah but wrestling is a t.v. show and a form of entertainment, not the same as other sports.

[BigCrippyZ]

Arena football is a different sport. XFL proves my point, it failed miserably. There's really no sport in North America that has multiple promotions on the same level. Yeah football has the CFL and AFL, but both are different to the NFL. No other baseball, basketball, soccer or hockey leagues exist to go against MLB, NBA, MLS, NHL respectively.

:lol:

You're a fucking moron.

If you think that college football and the NFL aren't similar enough, you need to get your fucking head checked. Or just a dumb ass. Overall, college football is substantially a bigger product than the NFL.

[Emperor Smeat]

Another lawsuit was filed against TNA recently.

This one has been filed in Cook County, Illinois for late charges, interest and attorney fees.

This lawsuit is for $207,612.29 and it was filed against TNA Entertainment, LLC on 9/29. BankDirect paid TNA $400,146.00 so that TNA could pay insurance premiums. An agreement was made for TNA to give money back to BankDirect, but they are still $207,612.29 behind on paying them back. TNA was supposed to make ten monthly payments of $41,032.45.
http://wrestlingnews.co/another-lawsuit-filed-against-tna-for-money-owed/

To get an idea of how much TNA currently owes just from lawsuits:
Audience Of One production company – $223,000 plus interest and post-judgment costs
Billy Corgan – most of the lawsuit details are sealed
Bischoff-Hervey Entertainment – $114,500.02
American Express Travel Related Services Company – $269,040.50
Corgan's amount might be somewhere between $2-$4 million based on him covering tv tapings and other stuff for TNA.

On top of that, they also owe a good chunk of money to the state of Tennessee and their talent roster.

[KIRA]

Where is LOLTNA? It should be documenting this meltdown.

[BigCrippyZ]

Audience Of One production company – $223,000 plus interest and post-judgment costs
Billy Corgan – most of the lawsuit details are sealed
Bischoff-Hervey Entertainment – $114,500.02
American Express Travel Related Services Company – $269,040.50

Corgan's amount might be somewhere between $2-$4 million based on him covering tv tapings and other stuff for TNA.

On top of that, they also owe a good chunk of money to the state of Tennessee and their talent roster.

Not only that, the parties who are owed money by TNA are legally entitled to collect interest on any suits for failure to pay their contractual or other debts on time.

[Innovator]

From PWInsider, part of the unsealed documents:

A redacted version of the 41 page lawsuit TNA President Billy Corgan filed against TNA, its parent company Impact Ventures, Dixie Carter, Dean Broadhead and Serg Salinas was officially released to the public today by the Chancery Court in Nashville, TN, revealing a lot of insight when it comes to why Corgan filed suit.

The lawsuit alleges that Corgan initially invested into TNA because "Impact Ventures was in severe financial distress" and that by investing, he was preventing the company from suspending operations and going into "immediate foreclosure" to Aroluxe Media, described as the company's production company. PWInsider.com first broke earlier this year that the way Dixie Carter's deal was structured with Aroluxe, they were putting out the financial cost of TNA's TV productions and TNA would pay them back installments - and if Carter failed to make the payments, she could lose control of the company. Well, that was the very scenario that, as if turns out, led to Corgan stepping in last June.

Corgan's lawsuit notes that TNA "needed an injection of funds" to pay Aroluxe so that they would move forward with the production of Impact Wrestling episodes in June - so this all took place over Slammiversary weekend, when PWInsider.com first reported Corgan had bought a minority share of the company. Aroluxe also required an additional payment due to TNA "defaulting on multiple payments" prior to this point. The financials were redacted.

The reason Salinas and Broadhead are listed as defendants alongside Dixie, TNA and Impact Ventures is that they are listed as the Managers of Impact Ventures LLC. The lawsuit also alleges that per the Operating Agreement for the company, Dixie Carter is the "sole member of the company" but it is believed Carter owns 92.5%, Aroluxe Media owns 5% and Anthem Media (MCC/Fight Network, etc.) own 2.5%, with the latter two described as "significant creditors in the company."

In July, Corgan again invested money in the company, once again to prevent Aroluxe from foreclosing on Dixie Carter and taking control of TNA. The same happened in August, except by this point an agreement between TNA and Aroluxe had contractually expired, "thereby allowing Aroluxe to foreclose on the company at any time." Due to that turn of events, Corgan's lawsuit alleges that he, Carter and Aroluxe entered into "an amended and restated loan agreement" that saw Corgan agree to make his now-third investment in the company with the company issuing him a "new second priority secured convertible priority note", replacing his previous note regarding what he was owed.

The August Agreement also saw Corgan appointed as President of TNA with Carter, the former President, shifted into the title of Chairman and Chief Strategy Officer of Impact Ventures. It was noted that Corgan "desired" to be President so he could direct and oversee the day-to-day operations of the company and improve it's financial condition. Corgan also stated that Carter, as security for the loan, "entered into a 100% equity pledge agreement" with Corgan, allowing that in the event of default, Corgan would be "entitled to exercise all voting or consensual powers pertaining to collateral."

In layman's terms, the lawsuit claims that Carter made Corgan President and agreed that Corgan would gain 100% control of TNA's parent company if she defaulted on the loan he made, in order to get him to invest this past August - because had he not, Aroluxe would have foreclosed.

The lawsuit claims that the paperwork Carter signed appointed him as the "attorney-de-facto" of TNA had an "Event of Default" occurred under the terms of their agreement - which is referred to in the lawsuit as the insolvency of TNA and/or Carter personally.

In regard to Impact Ventures LLC, the lawsuit describes the company as "insolvent" and that "its liabilities exceed the values of its assets, and that Impact Ventures is unable to pay its debts as they come do in the ordinary course of business." Included were cash flow statements, listed as created by Impact Ventures, that showed a "cumulative cash flow negative of [redacted] for the period from September to December 2016, followed by the period of September 2016 through June 2017.

Corgan claims that despite numerous requests, the company has not provided him with any updated balance sheets past 6/30/16, that they are in a negative balance when debt is compared to assets and that the company's financials have actually worsened since the last balance sheet he was provided. Corgan states that insolvency now results in him needed to be awarded Dixie Carter's 92.5% share in the company.

The lawsuit also noted that there have been "media reports" about TNA negotiating with WWE for a potential sale of the TNA video library. The lawsuit notes that Dixie Carter and Dean Broadhead had each denied that but "Mr. Salinas" (perhaps meaning Serg Salinas, or perhaps a typo referring to Dixie Carter) acknowledged the conversations to "the company's wrestlers on October 2, 2016", which would be Bound for Glory.

Based on Corgan's agreement, he claims in the lawsuit he is entitled to a full review of the company's "Officers, counsel, books, records; the full ability to investigate the company's titles to property and to the condition and nature of its assets, business and liabilities" as well as full opportunity to review the company's business plan with "key officers." Corgan is alleging that despite numerous requests, he was given no information about discussions with World Wrestling Entertainment - despite the fact he is President and a creditor to the company and the library is the company's "most significant" asset. He is claiming that is a breach of the agreement he signed in August.

Corgan is also claiming he has been kept in the dark in the company's conversations with Anthem Media (Fight Network/MMC Acquisitions, etc.) leading up to the recent loan [amount redacted] "and it's financial impact on the company" until after the transaction had already been completed - again despite the fact he is President and a creditor to the company.

In the lawsuit, it is noted, "This recent conduct is consistent with the way Mrs. Salinas [Carter] and the other members have dealt with the Plaintiff since the inception of his involvement with Impact Ventures. They have failed to keep Plaintiff apprised of matters of great significance to the company; they have routinely misled plaintiff as to the company's finances, operations and future prospects; they have failed to provide the plaintiff with information necessary to discharge his duties as President to manage the day-to-day operations of the business; and they have regularly interfered with, subverted or ignored plaintiff's authority to manage affairs in the company." Corgan alleges these failures constitute an additional default in his agreement with Carter.

Corgan states in the lawsuit that Carter was informed of an "Event of Default" on 9/29 (this would be the day before MCC Acquisitions financed the Bound for Glory PPV and subsequent TV Tapings) but the defendants did not respond affirming or denying the "Event." Corgan then informed Carter and the company on 10/12 that he was exercising his right to take over her stock in the company and place his own designated managers in charge of Impact Ventures. He received no response.

Corgan's lawsuit states, "The company is continuing to flounder and has been taken to the brink of financial collapse under Ms. Salinas and the other managers. The company's secured creditors, including Aroluxe and Anthem, can foreclose at any time."

In the lawsuit, Corgan is seeking a declaration from the court that he is indeed entitled to Carter's 92.5% of the company, her voting rights and has the ability to replace the current managers with designated managers of his choosing. He is also seeking damages, to be determined by the court, for the breach of contract, and requesting an injunction preventing the defendants from making business decisions that could further harm Corgan and the company as well as preventing them from attempting to sell the company or it's assets until the lawsuit is resolved.

A hearing regarding Corgan's request for a temporary injunction against the defendant is scheduled for tomorrow 10/26 at 1 PM Central.

[Simple Fan]

I really hope Corgan gets them. Dixie just sounds like a horrible business person.

[#1-norm-fan]

I'm always for someone new trying to get wrestling right. From listening to him in podcasts, Corgan seems to at least have an idea of what might work.

[Simple Fan]

He might know how to run the business side as well. I could see the court just shutting down TNA and giving Corgan whatever he wants that he can use to create a new company.

And Dixie wanted a reality show for herself that showed a woman running a pro wrestling company. Probably couldn't get any footage of her actually doing anything.

[Emperor Smeat]

Pro Wrestling Sheet recently leaked a series of emails between Billy Corgan and Dixie/TNA that pretty much proved everything Corgan claims in his lawsuit is true and Dixie is lying about saying TNA never did anything being claimed.

https://www.reddit.com/r/SquaredCircle/comments/59e2xw/corgantna_emails_leak_out_ryan_satin_posts_them/

[#1-norm-fan]

#Dixieleaks

[BigCrippyZ]

He might know how to run the business side as well. I could see the court just shutting down TNA and giving Corgan whatever he wants that he can use to create a new company.

And Dixie wanted a reality show for herself that showed a woman running a pro wrestling company. Probably couldn't get any footage of her actually doing anything.

IF the contracts mentioned are legit, AND a jury finds them to be legit and understands and agrees that they say what Corgan is claiming they say, Corgan will be in control of TNA, regardless of how much debt they owe. In that case, if Corgan can pay off the debt without having to sell off his majority interest, Corgan can do whatever he wants with the company.

Except for very rare cases involving monopolies, bankruptcy and large, illegal corporate schemes, court's will not shut down companies. In this case, even if they did, Billy wouldn't be entitled to anything left over from TNA until all of TNA's creditors were paid off. Even though Billy is alleging that TNA is bankrupt, this is not a bankruptcy case involving TNA, this is a breach of duty and breach contract case between Corgan and Dixie and TNA, so TNA will not be shut down by this court in this case.

[BigCrippyZ]

#Dixieleaks

:lol:

Also, sounds kinda gross. :lol:

[Dark One]

Me right now:

http://i.imgur.com/CfVg3Em.gif



TNA Court date today.

I don't know if my body can take it.

[Innovator]

Dixie is going to walk into court with Russo and demand the company is reset.

[erickman]

Dixie is going to walk into court with Russo and demand the company is reset.

Dixie on a pole for the company

[Bad News Gertner]

Oh my God. He actually capitalized a word!

[BigCrippyZ]

Temporary injunction hearing today. In order to get the temporary injunction Corgan will have to show the judge that clearly his rights (under the contract) are or will be violated and he will suffer immediate and irreparable injury before there is a final judgment in this case.

[Innovator]

MORE DOCUMENTS:



In a redacted Memorandum filed with the Nashville Chancery Court to explain why he requires a restraining order against the defendants in his lawsuit against TNA, Billy Corgan laid out his argument for why TNA is insolvent and notes that currently, Impact Ventures "balance sheet shows the company's debts are close to ten times the company's assets." Corgan states that the company falls under the definition of insolvent for the state of Tennessee, which describes the term as similar to the definition of the term in the Uniform Commercial Code and the Bankruptcy Act, which states that "insolvent" means having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute, being unable to pay debts as they become due or being insolvent within the meaning of federal bankruptcy law.

Corgan's push for the restraining order also noted that according to Rule 65 of Tennessee Rules of Civil Procedure, they court is authorized to issue temporary restraining orders "without notice to the adverse party" if "specific facts in an affidavit or a verified complain clearly show that immediate and irreparable injury, loss, or damage will result to the applicant before the adverse party can be heard in opposition..." The filing argues that since this is a private issue between Corgan and the defendants, it is possible that left unchecked, they will cause Corgan "immediate and irreparable harm."

Also filed today was a redacted declaration from Corgan laying out why he invested in TNA and accusing the defendants of hiding how bad the company's debts were in order to get the investment from Corgan. In describing his initial loan on 6/10/16, Corgan notes that he was given a "senior secured" promissory note, and was not aware that Aroluxe and Anthem Media Sports and Entertainment had already been granted seniority regarding the debt they were owed. In layman's terms, Corgan invested under the belief he would be first in line to be repaid, only to learn he was actually third in line. Corgan also alleges that he was told by Dixie Carter and TNA Chief Financial Officer Dean Broadhead that TNA had a debt of a certain amount, and was never told the company actually had debts of "over [redacted.] So, he is alleging he was misled about the amount of money the company actually owed before he made his first investment. Corgan said he was still never informed of the actual debt when he made his second investment in July and only learned of the actual level of debt in September 2016 when he was provided a company balance sheet (dated 6/30/16) by Broadhead.

Corgan also stated that he learned what the actual debt of the company was "in the course of this litigations through the documents that Impact Ventures produced." While the number of redacted, Corgan wrote, "I did not know that Impact Venture's debts were that high. I never would have agreed to invest additional capital in Impact Ventures had I known the company's debts were that high."

Corgan also stated that he was misled into making his "third and final loan" to the company in August 2016 based on "repeated representation" by Dixie Carter that "acquisition negotiations" were underway with third parties and that an acquisition of the company was "imminent" including a proposed investment from Aroluxe.

Corgan alleged in his declaration that the company has prevented him from doing his duties as President, learned that the company has failed to pay its taxes based on an article in the Tennessean newspaper and that a lien has been filed against the company, and that a number of lawsuits had been filed against the company by Audience of One Productions, American Express, and by Bankdirect Capital Finance, LLC.

The declaration also revealed for the first time that TNA planned to film TV in Orlando on 11/1-11/3 at Universal Studios but the decision was made on 10/25 to postpone those tapings "due to a lack of funds."

Corgan also alleged, "Impact Ventures also continues to not pay its talent, except now defendants are blaming me and the temporary restraining order in this case for lack of payment." As noted previously on PWInsider.com, talents who worked the tapings in October were next slated to be paid this week.

The declaration included a certification sent to his attorney by TNA's counsel on 10/30/16, including a term sheet (possibly a settlement offer?) that would have required Corgan to give the company a "full release of all claims" against them by Corgan. Corgan wrote, "I will not agree to provide Impact Ventures with a 'full release' as a condition to the repayment of my loan proceeds. I am not required under any of the loan documents to provide such a release in return for full payment. I also believe that I have claims against Impact Ventures and the other defendants that are separate and apart from the claims that I have currently asserted herien, and I am not willing to waive or release those claims."

Corgan also states that he was never "provided" with a proposed draft of an employment agreement in connection to his role as President of the company and that he has also not been provided "with access to the information I would require under the Second Amended Corgan Loan Agreement" that would allow him to make an "informed decision" as to whether to convert his loan into an "equity position" in the company. What that means, as I suspected and discussed previously in PWInsider Elite audio, is that Corgan's loan was similar what a bank would do when it loans money to a film production and the collateral if they are not repaid is that they end up with points in the film and get their money back that way, owning a piece of the pie. Corgan is saying he can convert to a piece of the pie but can't make that decision without information the company won't give him.

Corgan also states that he understands that Jason Brown (Aroluxe) "has undertaken the duties of managing the day-to-day operations of the company", while Corgan has been excluded from those duties despite his title and his signed agreement. Corgan stated that he his under the understanding that Brown has been "planning events for 2017 and negotiating contracts with talent."

[Triple A]

I haven't been following this ever since the deal apparently "fell apart" and something about Corgan filing a lawsuit... can someone sum up what the current situation is in a sentence or two... :-( So is nobody buying TNA? Or Corgan still might get ownership? WWE 100% out?

[Simple Fan]

TNA is in a lot of debt and never informed Corgan of the massive debt once he made investments and then once he became president they continued to not give him the information he needed to run the company basically. Big Crippy Z might be able to explain better, that's the best I can do though.

[BigCrippyZ]

Corgan's alleging breach of his investment contract and that his investment deals with TNA would allow him to take over Dixie's ownership stake should they default on his repayments.

He's now alleging that they did default on his repayments, he attempted to exercise his right to take over TNA and they ignored him, then TNA proceeded (and failed) to attempt to sell TNA's most valuable asset (i.e. TNA's tape library) to WWE, which under his investment contract, he now has the contractual right to control TNA, they did without his inclusion or permission, as well as blocking him from running TNA's daily ops as President.

He's also alleging that TNA/Dixie fraudulently mislead him by intentionally failing to disclose TNA's true financials/debts in order to get him to sign the investment agreement.

[BigCrippyZ]

He's also claiming that TNA/Dixie offered to pay him his investment money back IF he would drop and waive any any and all current or future legal claims against any and all current or potential parties relating to this deal. He apparently told them he would not do that.

[#BROKEN Hasney]

Billy says he's seen proof that TNA is in discussions with WWE about a sale & that Dixie told them she was just gonna pay Corgan back.

[Triple A]

Thank you guys...

So is this just going to be held up in court for a while?

Isn't TNA on the brink of financial collapse?

Is WWE now totally out?

What is the most likely scenario here?

[#BROKEN Hasney]

Thank you guys...

So is this just going to be held up in court for a while?

Isn't TNA on the brink of financial collapse?

Is WWE now totally out?

What is the most likely scenario here?

WWE is out, but they'd be back to pick up the pieces and get the tapes at a bargain

Dixie surely must be gone at this point. If the court finds in favour of Corgan, he'll run the show. If not, Fight Network have been making moves too.

Either way, it seems TNA will survive for slightly longer still.

[erickman]

the biggest problem now is the back taxes owed to the state of tenn they better take care of that first.

[BigCrippyZ]

Thank you guys...

So is this just going to be held up in court for a while?

Isn't TNA on the brink of financial collapse?

Is WWE now totally out?

What is the most likely scenario here?

Yes, it will likely be a while before anything is finalized. Not sure if there's a trial date even set yet, but I may have just missed that news. Could be months/years, depending on trial outcome, appeals, etc.

Today's temporary injunction hearing is actually going on right now in chancery court, just down the road from my offices here in Nashville.

We don't really know for sure if they're on the brink of financial collapse, but Corgan is alleging that to be the case.

WWE could definitely at any time still offer to pay TNA for the tape library and probably at least license the TNA trademarks for use on the network, etc. TNA could also offer the same to WWE. The question in this case is, who has the authority to make those decisions on behalf of TNA, Dixie or Corgan?

The most likely scenario, IF all Corgan's claims are true and he can prove them, Corgan's going to get control of TNA, regardless of what kind of shape the company is in. That being said, there's still a very strong possibility of SOME kind of settlement agreement being reached since most civil lawsuits like this (over 90%) settle before a verdict.

[SlickyTrickyDamon]

the biggest problem now is the back taxes owed to the state of tenn they better take care of that first.

The New Owner of TNA

<img style="-webkit-user-select: none" src="http://chaddukeswrestlingshow.com/wp-content/uploads/2012/02/Irwin-R-Schyster.jpg">

[#BROKEN Hasney]

https://twitter.com/tnnaterau

Live tweeting at court

[BigCrippyZ]

Hey! I know Nate! Didn't know he was covering this story. He usually covers music business news. Too funny.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sims says Corgan and Carter entered pledge agreement that included insolvency cause. Proving this is crucial part of lawsuit.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791340906003755008">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

This guy is at the hearing live tweeting it

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">This is a contract dispute Sims says. &quot;Theres no dispute this is a valid pledge agreement.&quot;</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791341580850372608">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

This is my Wrestlemania

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Dixie is watching without showing any emotion. Shes following along while Sims argues TNA is insolvent.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791343440525160448">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">TNA is not paying talent. Company blames lawsuit. Sims says thats not true. TNA is insolvent beyond doubt on cash flow test.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791344723298582529">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">TNA has 52 pct more liabilities now than June balance sheet, Sims says. And he argues total debts are actually higher.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791345054262624256">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sims referencing WWE negotiations now. He says WWE lowered its first offer. And current offer counts noncompete clauses.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791347504776380416">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

Really should have flown out to attend.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sims says mgmt has put TNA in ICU at least 5 times this year. Hes referencing frantic cash calls they make after each taping.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791345886630641665">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[BigCrippyZ]

Apparently it was just claimed in court that $1.8M was paid by Anthem and that they at least have some right(s) to TNA's video library.

[Dark One]

Really should have flown out to attend.

I guess ejaculating in court is probably frowned upon though.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Ok $1.8M was from Anthem. Thats the company that owns TNA licensing rights to video library.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791350547664236544">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Anthem has issued press release saying it is willing to pay off Corgan and Aroluxe's Jason Brown will become new ceo.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791351830475370496">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Dixie is watching without showing any emotion. Shes following along while Sims argues TNA is insolvent.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791343440525160448">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

To be fair, this isn't that noteworthy since I'm pretty certain she's incapable of emoting.

[BigCrippyZ]

Really should have flown out to attend.

I seriously could've driven the less than 8 miles it is from my office if I hadn't had a conference call earlier.

[BigCrippyZ]

I guess ejaculating in court is probably frowned upon though.

Typically. Only judges and attorneys can do that.

[Dark One]

Typically. Only judges and attorneys can do that.

Fuck. Had my career counselor in high school told me this, I would have gone to law school.

[BigCrippyZ]

Fuck. Had my career counselor in high school told me this, I would have gone to law school.

Yeah, it's one of the few benefits we get. That, and being repeatedly asked for free legal advice anytime someone finds out you're a lawyer. Oh wait, that last one's probably not a benefit.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sims just said Carter made offer for Corgan to buy her out. Everyone involved is trying to make a deal Sims says.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791352790723461120">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Sims says Dixie emailed WWE to say she wont sell to them until Billy is out.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791352936974716929">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Winding down Corgans side. TNA lawyers up next.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791353187546595328">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Simple Fan]

How does TNA have money for lawyers? Would be funny if theyvhad court appointed attorneys.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">TNA attorney Travis Parham is up now. He calls lawsuit a scheme by Corgan to take over the company and force out Carter.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357103923396608">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

How does TNA have money for lawyers? Would be funny if theyvhad court appointed attorneys.

I mean...

If you're going to pay one bill, that one would have to be pretty high up on the list.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">He says lawsuit has created a creditor crisis and hurt TNA's financial standing.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357194868494336">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">TNA has good will, notoriety, merchandising, licensing and is an international brand.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357337869099008">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">TNA has good will, notoriety, merchandising, licensing and is an international brand.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357337869099008">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Good will? I don't think this lawyer is familiar with TNA. Maybe he is a court appointed attorney.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said TNA anticipated short term cash flow problems and knew its new business model would be a challenge.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357678492741633">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

Notoriety? Maybe. Probably more accurately "ignominy"

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said TNA anticipated short term cash flow problems and knew its new business model would be a challenge.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791357678492741633">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Is their new business model "not paying talents and only taping shows once a year?"

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">A third loan from Corgan came in August, Parham said. But he says Corgan's loans were oportunistic to benefit himself.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791358344128765952">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">He says Corgan wanted 22.5 pct in company after third loan and insisted on pledge agreement.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791358465025445892">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said Corgan wanted all principal, 6 pct interest and 50 pct equity kicker as condition of 3-month loan in August.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791358665525694464">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham called that deal a 200 pct rate of return that would make a loan shark blush.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791358762762240000">October 26, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said Corgan offered to buy company the day his loan agreement expired. That would have included paying off Aroluxe.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791359670577467392">October 26, 2016</a></blockquote>
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